Practical Aspects of Financial Statements & Audit Reports, including IFC Practical Aspects of Financial Statements & Audit Reports, including CARO & IFC. This covers key areas such as classification of assets and liabilities, disclosures, ICFR reporting, financial statement components, and audit procedures. IFC (Internal Financial Controls), or any other aspect covered in the document. Guidance …
ICAI deferred Phase III & Phase IV of the Peer Review Mandate The Institute of Chartered Accountants of India (ICAI) has extended the enforcement deadlines for Phases III and IV of its peer review mandate. Originally scheduled for April 2024 and April 2025, the new deadlines have been revised to 1 July 2025 for Phase …
Round Tripping of Funds: A Red Flag for Financial Manipulation Round tripping is a deceptive practice used by entities to artificially inflate their financial statements. This practice is particularly concerning as it misleads stakeholders, creates a false image of financial health, and can severely damage investor trust. What is Round Tripping? Round tripping involves the …
The Role of Ring-Fencing in Forensic Audits: Safeguarding Project Finances Ring-fencing has emerged as a critical regulatory practice, separating specific assets, activities, or information within an organization to safeguard against systemic risks. While the primary goal of ring-fencing is to protect consumers and mitigate potential hazards, it also introduces governance challenges that may lead to …
An Overview on Kickbacks in Forensic Audits Kickbacks represent a critical area of concern in forensic audits, as they directly impact the financial health, ethical standards, and legal compliance of organizations. Here’s a closer look at their implications and the role of forensic auditors in detecting and preventing them. A kickback involves an illicit payment …
Mandatory Peer Review For Chartered Accountants firms in India The ICAI’s mandatory peer review process is an essential move towards ensuring the quality and integrity of audit practices in India. For CA firms, obtaining a peer review certificate not only ensures compliance but also enhances their reputation. By focusing on these key areas, firms can …
ICAI Launches the Industry-Specific CA GPT Platform with Annual Reports of 5,000 Listed Companies ICAI has taken a major step in integrating advanced AI technology into the accounting profession with the launch of CA GPT—Industry Forum. This platform features annual reports from 5,000 listed companies for the fiscal year 2023-24, offering Chartered Accountants a cutting-edge tool for financial …
Extension of last date for payment of Membership/COP fee for the year 2024-25 to 31st December 2024 Council of ICAI has decided to extend the last date for payment of the Annual Membership/Certificate of Practice (COP) fee for the year 2024-25 from 30th September 2024 to 31st December 2024. This extension is granted due …
How to Become a Social Auditor? To become a Social Auditor in India, individuals must adhere to specific eligibility criteria, gain necessary experience, and complete certification requirements. Here’s a comprehensive guide on the steps to becoming a Social Auditor. Eligibility Criteria for Social Auditors: Individuals: Required qualifications and experience. Successful completion of the NISM certification …
All about Financial Forensics & its Applications Financial Forensics and Forensic Audit Techniques Financial forensics and forensic audit techniques are critical components of investigative processes aimed at uncovering financial irregularities, fraud, or misconduct within organizations or financial transactions. The field of financial forensics, outlining its purpose, applications, and techniques. Financial Forensics Explained: Combines accounting and …